Your executor will need to be approved by the probate court judge so that the executor can carry out his or her duties. Your executor as a trustee is also a fiduciary and, as such, is held to a strict legal standard. Trustee and executor responsibilities are very similar in that they require knowledge of several disciplines such as tax planning, investment management, property management and an appreciation of asset values.

Practical duties include the collection, custody and distribution of probate and non-probate assets. They must also determine what needs to be dis-
carded and what needs to be kept. They settle all debts and expenses and determine approximate amount to pay for estate taxes, probate fees and administration costs.

The trustee or executor will work closely with the estate accountant to maintain all tax-related aspects of the estate in planning and submitting state, federal and estate taxes, possibly a gift tax return, fiduciary income tax returns and determination of a cost basis for all of the assets.